DEFTY CHART

Defty chart looks like its in process of forming a huge INVERSE head and Shoulders pattern ....right shoulder yet to come ...but a neckline hit is expected ..and that means Nifty will go up to around 5288 next week....after that comes the collapse for the right shoulder........this also means that in coming months we are going a lot higher

 

Tata Motors --Target 260

A nice Inverse HnS pattern completion giving a target of 260. Retest of the neckline is possible which should give good buying opportunity.

Nifty pause here??

I think NIFTY is going to touch 5130-70 area. . But right now there can be a pause or a down move. Not much though . May be 100 or 150  points maximum. 
First the Nifty futures chart . Touching 50% retracement. Daily chart overbought. And touching Bollinger upper level.

Then there is AUD/USD  chart. Daily chart almost hiting overhead resistance. Expecting some correction.

But as we can see from the NIFTY daily futures chart above , we have good support at 4890 and then massive support at 4820. I will be targeting only 4890 in this little SHORT , in a day or 2.

Nifty bullish momentum.

Weekly chart shows oversold indicators with divergence.

Daily chart . The major pattern working here is the failling wedge which is a bullish pattern mainly. We have broken out of the wedge with increase in volume . Also broken out of the triangle. For the past couple of sessions , Nifty has been consolidating  above 4800. Since 4800 was the breakout level, I dont think Nifty will come down below it in a hurry. Even if it does by a few points I will not be worried because there are good supports below it. Target for this rally should be that RED WOLFE WAVE line . We shouldbe reaching that by March midweek may be. Atleast 5400 is on the cards here. But one step at a time . First target is 5070-5170 region . Where we have seen resistance before.

Nifty and AUD/USD charts ( updated charts and Views)

 Jan 10 ::----Bears still have hopes . Nifty futures resisted at the trend line . Also thats exactly 50% retracement. Bollinger bands are also touched.  Pattern of a falling wedge . But 1 more wave down looks more possible to complete a 5 wave down move.

And the carry AUD/USD pair chart . That risen very high and so we are seeing this rally. But the hourly RSI is overbought . Also touched important resistance line.

I am at a loss position in my SHORTS. But i will be holding till this FRIDAY. Atleast 4690 should be touched again if not lower.

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My best guess . Nifty is doing the TRIANGLE as shown below . So i will target 4640 first.

To support my bearishness , AUD /USD pair has broken  important trend line support and should be going down for a couple of sessions more. Also moving in a down ward channel.

A few stock charts

Click on the charts for commentary.

APPOLO TYRES.

CIPLA

FACT

GITANJALI

INFOSYS

ITC TERMINATION PATTERN?

JUBILANT FOODS IN SAME DIAMOND PATTERN

RAYMOND.

WIPRO LOOKS GOOD.

AUD/USD charts --support line

AUD /USD updated charts . Major support.

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Markets correlating more than 90% with the AUD/USD pair . It has broken down from its highs. Chart below shows the support lines. Now in a triangle which most probably will turn out to be a contuation pattern . So more downsides on the way . But supports are seen at 1.023 and 1.020.